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Dec 22, 2012
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and i think that's a big problem when you have a $1.1 trillion deficit. the only thing this debate has really been about for the last five weeks has been about tax increases. you're right. the republicans are playing a pretty weak end. as you both know, if nothing happens, then all the taxes go up. part of me says look, the republicans have to get this behind them. behind them go, in 2013, where i think they might have a stronger hand on things like the debt ceiling, what do we do to bring down the rest of the trillion deficit. but right now they're stymied. but i do think that by january 1st, they will have a deal in hand. i still think so. >> joy reid, have those conservative republicans, who wouldn't go along with speaker boehner's plan b last night actually strengthen president obama's hand? because as between the two men, speaker boehner and president obama, one clearly now has the upper hand in terms of leverage and negotiation. >> yeah, completely. and president obama went into this with all of the leverage. and now he's just gotten more. look, at
and i think that's a big problem when you have a $1.1 trillion deficit. the only thing this debate has really been about for the last five weeks has been about tax increases. you're right. the republicans are playing a pretty weak end. as you both know, if nothing happens, then all the taxes go up. part of me says look, the republicans have to get this behind them. behind them go, in 2013, where i think they might have a stronger hand on things like the debt ceiling, what do we do to bring down...
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Dec 22, 2012
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became speaker, saying republicans could cut spending for every bill they passed that would add to the deficit. and then they had to exempt themselves from their own rule for the very first bill they introduced when the war on women thing really picked up pace and the republicans' insays sent focus on abortion stuff started to hurt the party politically. you remember john boehner insisting over and over again that this anti-abortion stuff was a democratic conspiracy. republicans were not focused on war on women at all, jobs, jobs, jobs. the furthest thing was the anti-abortion legislation. they weren't even working on that. all the while he was making that case, his own republicans kept introducing more and more and more and more anti-abortion legislation. forget what john boehner says. he doesn't speak for us. since john boehner has been speaker, since early 2011, the house has had real trouble just doing basic run of the mill governing stuff. bills failing unexpectedly and needing to be pulled at the last minute and tried again. the republican leadership's own legislation failing to get enou
became speaker, saying republicans could cut spending for every bill they passed that would add to the deficit. and then they had to exempt themselves from their own rule for the very first bill they introduced when the war on women thing really picked up pace and the republicans' insays sent focus on abortion stuff started to hurt the party politically. you remember john boehner insisting over and over again that this anti-abortion stuff was a democratic conspiracy. republicans were not...
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Dec 27, 2012
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forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the bill that the house sent over at all? the fact is, harry reid has -- needs to add republican cooperation. he wants to say, look, this isn't a game. this isn't show. you know, i can bring out a bill, pass a bill. if john boehner says i'm not going to look at that, what's the point? let's make something happen here. that is what the american people are looking for. we're concerned about the fiscal and economic policies. there's a recovery period that we're experiencing to put more challenges before the economy both consumers and investors. let's create certainty. let's make sure that we pass tax cuts for -- you know, for the majority, the advanced majority, 98%. and let's get that done and move through the regular process to deal with the bigger questions. i'd like to ask you before we go, obviously, the governorship i
forward to deal with comprehensive tax policy in a fair and responsible way and let's deal with the deficit and the balance in a fair away. john boehner basically said no to all of that. and that's really not acceptable leadership. >> is there any -- should harry reid amend the bill that the house sent over at all? the fact is, harry reid has -- needs to add republican cooperation. he wants to say, look, this isn't a game. this isn't show. you know, i can bring out a bill, pass a bill. if...
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Dec 26, 2012
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working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal cliff. taxes will go up for the average american by about $2,000 and could put us back into a recession. >> which nobody wants to see. kristen welker in hawaii. the president is coming back, but they haven't gotten the 48 hour notice. they are very much out there in play. thank you very much for joining us. appreciate it. when the senate returns tomorrow morning, there will be a new emphasis on members taking a larger role in the fiscal cliff negotiations that based off the current offer may only have a smaller deal. a member of the budget committee and outspoken voice on the left side of the aisle.
working with house speaker john boehner and trying to get a big deal that dealt with tax reform and deficit reduction. that fell apart and talks have largely been stalled this entire time. there was a lost pressure to get something done. we have seen some of the impacts of the fiscal cliff. consumers saying they have been more cautious with their holiday spending because of the uncertainty in washington. economists warn it could get worse and the markets could be foiled if we go over the fiscal...
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Dec 30, 2012
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we still have the looming 16 trillion plus budget deficit. remember that? and the politicians they are taking their time on that as well. we will ask house budget committee member south carolina republican congressman when joins us live later this hour. he is worried that the talks have not addressed spending. so we have to address that. >> breaking news now in the benghazi terror attacks in libya. president obama this morning told "meet the press" the u.s. now has some "very good leads" about who carried out the deadly strike. >> there was sloppiness, not intentional in terms of how we secure embassies in areas where you essentially don't have governments that have a lot of capacity to protect the embassies. so we are are doing a thorough review. not only will we implement all of the recommendations that were made but we will try to do more than that. with respect to who carried it out, that is an ongoing investigation. the fbi has sent individuals to libya repeatedly. we have some very good leads, but this is not something that i'm going to be at liberty
we still have the looming 16 trillion plus budget deficit. remember that? and the politicians they are taking their time on that as well. we will ask house budget committee member south carolina republican congressman when joins us live later this hour. he is worried that the talks have not addressed spending. so we have to address that. >> breaking news now in the benghazi terror attacks in libya. president obama this morning told "meet the press" the u.s. now has some...
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Dec 24, 2012
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doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to sho
doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social...
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Dec 30, 2012
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david gregory challenged obama on some points but made $1 trillion in cuts, he also vowed to cut the deficit in half in 2009. that has not happened. >> compared david gregory we saw at the top of the show waving that magazine at wain lapierre. this was a low-key interview. >> meek and weak. i didn't find david gregory, i think he lost his punch over this short-lived vacation. a number of points he didn't press the president hard enough. >> the president gave short answers. >> but there's really no excuse. >> the pomp and the ceremony. on the other hand, and you've had experience covering barack obama going back to chicago, it can be hard to interrupt during an incumbent president during an interview. >> it is. obama had the home court advantage. david had it in that more aggressive interview and now, l i'll say this quickly. way back in the day when obama united states senator and there was a press conference and i asked a question and he was giving it a very long answer, in my view, and i cut him off and, boy, did i get thumped from him for cutting him off. i don't know -- >> he complained
david gregory challenged obama on some points but made $1 trillion in cuts, he also vowed to cut the deficit in half in 2009. that has not happened. >> compared david gregory we saw at the top of the show waving that magazine at wain lapierre. this was a low-key interview. >> meek and weak. i didn't find david gregory, i think he lost his punch over this short-lived vacation. a number of points he didn't press the president hard enough. >> the president gave short answers....
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Dec 27, 2012
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the market will turn to a deficit in 2013 on increasing demand in the auto industry where palladium is used in exhaust systems for cars. combined with decreasing global supply, especially in south africa and russia, which control a number of the world's palladium mines, a rally that began in earnest in 2012 will go into overdrive in the new year. >>> all right. so then how should you play commodities next year? let us bring in rbc's george gero with his take on gold, silver and copper, and andy lit li lithbm. silver kicked butt. will it do so next year? >> i think so. i'm wearing my silver bullish cuff links if you notice that. i think this is the year for silver. silver is a bridge between investment demand and industrial demand and this year i think we're going to have both. >> how high do you see silver going, george? give us a number. >> i can't give you a specific number, but i'll give you a range of somewhere between oh, 40 to $45. >> okay. and that's your number one pick for next year, george. andy, you're over in the energy patch. what do you see for crude, gnna gas and for wha
the market will turn to a deficit in 2013 on increasing demand in the auto industry where palladium is used in exhaust systems for cars. combined with decreasing global supply, especially in south africa and russia, which control a number of the world's palladium mines, a rally that began in earnest in 2012 will go into overdrive in the new year. >>> all right. so then how should you play commodities next year? let us bring in rbc's george gero with his take on gold, silver and copper,...
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Dec 29, 2012
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tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in rporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years whe
tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in rporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class...
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Dec 27, 2012
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got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house reconvenes on sunday. stay tuned. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. >>> and there's your green, the doug, s&p and even the s&p are now all slightly in the green now. what happened here as, of course, the dow was down earlier today by nearly 150 points
got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house...
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Dec 29, 2012
12/12
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not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in the next year again over 9 percent unemployment and a significant slowdown in an already slow economy. tom: but the blame game, who is going to g
not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope...
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Dec 22, 2012
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it was a crisis created by congress and we're not really likely to see serious action on deficit and debt reduction, unless and until the crisis hits people in the face and they say to their representatives you'd better do something or else and then they'll act. >> always a pleasure, bill schneider and jonathan allen with his article out as we were talking about just today. thank you so much for stopping by. >> thanks, richard. >>> several funerals were held today for the victims of the newtown shooting. this is video from josephine's funeral in newtown. she turned 7 just before the shooting. executive vice president blamed the media and violent video games for violence in society. >> there exists in this country, sadly, a callous, corrupt and corrupting shadow in industry that sells and stows violence against its own people. through vicious, violent video games with names like bullet storm, grand theft auto, "mortal kombat" and "splatter house." >> joining me now is kasim reid of georgia, he's one of more than 750 mayors across the country who sent a heart to president obama asking
it was a crisis created by congress and we're not really likely to see serious action on deficit and debt reduction, unless and until the crisis hits people in the face and they say to their representatives you'd better do something or else and then they'll act. >> always a pleasure, bill schneider and jonathan allen with his article out as we were talking about just today. thank you so much for stopping by. >> thanks, richard. >>> several funerals were held today for the...
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Dec 25, 2012
12/12
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you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was terrible. it was hard to watch, but some of the analysis afterwards really exposed some deficiencies in the democratic machine. >> for the republicans, it was arguably the best moment of the whole year for their candidate. >> i don't think his campaign really kicked into high gear until that first debate when he started to get some momentum. >> unfortunately for romney -- ♪ here i am >> it was also the best wake-up call for president obama who came alive in the next two encounters. >> we have to reduce our deficit but we have to do it in a balanced way. >> worst n
you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was...
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Dec 29, 2012
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unemployment to the 2 million americans looking for a job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal cliff. that meeting lasted for an hour and five minutes. on a story where every second and every maneuver counts, let's get chief to white house correspondent jessica yellin. jessica, the president says he's modestly optimist being but each also presented a backup plan. does the president really think it will come to that? >> at this point, no, they don't, john, because the white house is hopeful that the agreement that the senators are working on can actually move forward after the meeting here. there is a modest uptick in enthusiasm about that possibility. but as forts backup plan, there's no real likelihood that
unemployment to the 2 million americans looking for a job and lays groundwork for more economic growth and deficit reduction. >> just moments ago, senator harry reid says he's readying a bill for a vote by monday. all this follows a rare face-to-face closed door meeting at the white house today between all the key players, the president, the vice president, the treasury secretary and all four congressional leaders huddled together with just four days to go before we all go overs fiscal...
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Dec 30, 2012
12/12
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i think there is a deficit there of very broad-minded leadership, and there is certainly a deficit of trust between the congress and the president, and 20 republican in congress and the democrats. so plenty of fault to go around. >> o'donnell: dee dee, what about that? mitch mcconnell, who is really now at the heart of make something sort of deal today about how far he can take republicans, he says the president called him last week. it was the first time he's talked to the president since november 16. why is-- is there something the president is responsible for that he's not reached out enough to republicans and established that kind of trust that there has been lacking? >> look, i would have liked to have seen the president do more reaching out during the entirety of his first term. keep in mind, the president has been negotiating with john boehner, and that was the agreed upon format. he's been in conserves with him, and when push comes to shove, boehner cannot get these deals done in his caucus. the big change is not in the white house. it's in the culture of congress. it has beco
i think there is a deficit there of very broad-minded leadership, and there is certainly a deficit of trust between the congress and the president, and 20 republican in congress and the democrats. so plenty of fault to go around. >> o'donnell: dee dee, what about that? mitch mcconnell, who is really now at the heart of make something sort of deal today about how far he can take republicans, he says the president called him last week. it was the first time he's talked to the president...
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Dec 30, 2012
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and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there is a difference in terms of what we think the rates should be for -- and at what point there should be a tax cut and at what point there should be a little revenue that we should collect. there is a difference there. there was a difference about whether or not we should be looking at the social security issue in this discussion. my understanding now the republicans have backed off now, correct, and we are looking at whether or not we are going to end up with deficit and debt reduction and whether or not the changes the republicans are insisting upon are going to comes on the backs of the middle class. >>
and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there...
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Dec 30, 2012
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might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael duffy, and also "time" columnist joe klein. and we'll hear from major garrett and nancy cordes. >> you going to get a deal today, sir? >> hope so. >> o'donnell: it's all ahead because this is "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. substituting for bob schieffer, cohost of "cbs this morning," norah o'donnell. >> o'donnell: good morning, again. tom coburn and dick durbin are here, and we'll turn to both of you in just a moment. but we want to start with some new information from chief white house correspondent major garrett
might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael...
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Dec 27, 2012
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. >>> it looks like they're pointing -- >> and politicians, and so what we're sealing is -- for deficit reduction. and spend seg cuts off their shoulders, and make it inevitable, saying, you know what? it didn't just happen to them. they pass the sequester, which contained severe, rapid definite at this time reduction. it was almost inevitable, almost the moment they passed the sequester. >> to you, ryan, i was alluding to how both sides are saying different things. two members of the house said this last hour. we had one democrat and one republican. take a listen. >> i think there's still a chance to get something done. that's what happened in the budget deal, i think that's what will happen again. >> it seems like they could even say what will happen. at this point i'm going to side with pollsters saying it won't happen. boehner is at his weakest point ever. to push something through. doing that would weaken him even further. he still needs to be elected speaker on january 3rd. if you're boehner, you let this thing slide past january 3rd, getting yourself elected, and then do what you
. >>> it looks like they're pointing -- >> and politicians, and so what we're sealing is -- for deficit reduction. and spend seg cuts off their shoulders, and make it inevitable, saying, you know what? it didn't just happen to them. they pass the sequester, which contained severe, rapid definite at this time reduction. it was almost inevitable, almost the moment they passed the sequester. >> to you, ryan, i was alluding to how both sides are saying different things. two...
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Dec 24, 2012
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the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats, majority leader harry reid spoke and praised senator inouye for his partisan spirit, reaching across the aisle. of course in an earlier memorial service, the president called the late senator his earlier inspiration, on a a lot of members of congress came together to pay their respects. >> thank you, kristin. >>> if congress and the president fail to reach a deal, the impact is as unlikely as immediate as the term "fiscal cliff" seems to imply. the expiration of the tax cuts with a $2200 average tax high. the payroll tax cut would also expire meaning another $40 a paycheck and long-term unemployment benefits would en
the grand bargain, something to prevent taxes going up, and also lay the groundwork potentially for deficit reduction in the future. i think you will see president obama cut his vacation short, and continue to play a role in those negotiations. richard. >>> kristin, over the weekend, he attended the funeral for the late senator inouye, who he has called an inspiration to him. what did you see in that service? >> well, more than 20 members of congress attended, mostly democrats,...
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Dec 23, 2012
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we have a $1 trillion annual budget deficit forecast for the next year. that means that president obama's solution would address 8% of the problem. it's by focusing on the 8% and giving the public the impression that that's in fact what would fix the problem that all these parties have done a disservice. they need to focus on spending, not on taxes. if they focus primarily on spending, i bet you would see the tax situation resolve itself. >> david, let's take a sharp turn and talk about the man who came very close to becoming the next president. the "boston globe" has an in-depth look at what might have gone wrong during romney's campaign. romney's eldest song tag along with ann romney who had to we are said him to run. he was quoted as saying he wanted to be president less than anyone i know in my life h.no desire to run. if he could have found somebody else to take his place he would have been ecstatic to step aside. what do you make of this? >> my eyes opened on that story because we know that mitt romney has run twice for the presidency. there were se
we have a $1 trillion annual budget deficit forecast for the next year. that means that president obama's solution would address 8% of the problem. it's by focusing on the 8% and giving the public the impression that that's in fact what would fix the problem that all these parties have done a disservice. they need to focus on spending, not on taxes. if they focus primarily on spending, i bet you would see the tax situation resolve itself. >> david, let's take a sharp turn and talk about...
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Dec 26, 2012
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it will add to what is already shaping up as a large production deficit. it's interesting, because in the middle of the year, they were saying 2013 we were going to have a big production surplus. doesn't look like it's going to go that way. however, it would be a help. this is not another gold or silver from the standpoint of causing a super explosion, in my opinion. >> what about oil, gas, the other liquids? >> i don't like natural gas. natural gas has kind of been a favorite because its long term prospects are excellent. if you ask me two, three, five years from now, i would be very bullish. right now we have record supplies. weather doesn't look that great. at least for the first part of the year, i don't particularly like it. now, crude oil over supplied market, more than abundant supply but i'm bullish. there's too much going on geopolitically. if we do have even this modest improvement in global demand for industrial commodities we talked about in copper, we will see that translate. i would not be short crude. i would be looking to buy weakness in cr
it will add to what is already shaping up as a large production deficit. it's interesting, because in the middle of the year, they were saying 2013 we were going to have a big production surplus. doesn't look like it's going to go that way. however, it would be a help. this is not another gold or silver from the standpoint of causing a super explosion, in my opinion. >> what about oil, gas, the other liquids? >> i don't like natural gas. natural gas has kind of been a favorite...
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Dec 28, 2012
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i've been working with leaders to try to forge an agreement to grow our economy and shrink the deficit. a balanced plan that would cut spending a responsible way, but also ask the wealthiest americans to pay a little more and protect the middle class and everyone striving to get into the middle class. i still want to get this cone. it's the right thing for our families. but the hour for immediate action is here. it is now. we're now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american's paycheck will get considerably smaller. and that would be the wrong thing to do. it would be bad for middle class families and bad for businesses that depend on family spending. forchew nat ew fortunately, con can prevent it from happening. i just had a good discussion about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreement isn't reached in time between senat
i've been working with leaders to try to forge an agreement to grow our economy and shrink the deficit. a balanced plan that would cut spending a responsible way, but also ask the wealthiest americans to pay a little more and protect the middle class and everyone striving to get into the middle class. i still want to get this cone. it's the right thing for our families. but the hour for immediate action is here. it is now. we're now at the point where in just four days, every american's tax...
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Dec 29, 2012
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this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for banks? new analysis shows that the expiration ever tax cuts will improve bank savings in 2013, by, listen to this, 54%. in other words, people will need to pull their cash savings out to pay for higher taxes. here now is dan geller, executive vice president of market rates insight. dan, good to have you here. walk me through this math. you're saying the average american is going to put 54% less into savings this year because if we go over the fiscal cliff? explain. >> yeah. let's go back, michelle because the amount of taxation on an average household is effort mated at $2600, and right now the average
this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for...
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Dec 30, 2012
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it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the darkest hour right before the dawn, melissa. everybody ought to hope that's true, at least if you don't want to see your taxes go up on midnight on monday and tuesday night because everything seems to be at a standstill right now. let's review the bidding. here it is from a republican source here on the republican side of capitol hill. all day yesterday they were trading proposals back and forth. by his count two democratic offers came back to republicans and four came back from republicans to democrats. the last one being at 7:00 last night, and, boom, after that, things pretty much came to a standsti standstill.
it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the...
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Dec 22, 2012
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spending, you know, let's get the deficit down, in other words, the gop has opportunities. it is the same old democratic party, katie, i don't see why the gop can't come back with the pro growth fiscally responsible message. >> i hate to break it to you, but republicans have been doing that for two years now. paul ryan has been beating the drum of entitlement reform for a long time. he's been demonized, and they've been running ads of him throwing grandma off the cliff. >> when's ryan making his comeback? when does marco rubio make his comeback? when do all of these fine governors make their comeback? i mean the republicans have a pretty deep bench. >> part of the calculation that i think conservatives and republicans are missing is that in this conversation, when we talk about a balanced approach, most -- a majority of middle class people, which is why 76% of americans are for taxing the rich, most americans have seen their defined benefits go down, their pensions decrease. so from their perspective and their wages have been stagnant at the same time -- hold on. >> whose f
spending, you know, let's get the deficit down, in other words, the gop has opportunities. it is the same old democratic party, katie, i don't see why the gop can't come back with the pro growth fiscally responsible message. >> i hate to break it to you, but republicans have been doing that for two years now. paul ryan has been beating the drum of entitlement reform for a long time. he's been demonized, and they've been running ads of him throwing grandma off the cliff. >> when's...
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Dec 29, 2012
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that plan would have dealt with tax reform and deficit reduction and this will be a much more scaled back version that will deal with the issue of taxes and that is still the big sticking point, taxes. of course, democrats and president obama have called for tax rates to increase on those making $250,000 or less. republicans have said that's way too low. so they're thinking about potentially compromising on a rate that would be $400,000 or $500,000, but some republicans are saying they don't think that the tax rate should go up on anyone. so taxes still the major sticking point. right now the negotiations are going on the hill and there's a lot of optimism that came from the talks yesterday. of course, president obama hosted congressional leaders at the white house and they left that meeting and many said that it was constructive and they were optimistic that a deal could get done and i've been talking to my sources today and that same optimism isn't really present right now. there's more skepticism about a deal getting done and it is still very early in this process and this is a fl
that plan would have dealt with tax reform and deficit reduction and this will be a much more scaled back version that will deal with the issue of taxes and that is still the big sticking point, taxes. of course, democrats and president obama have called for tax rates to increase on those making $250,000 or less. republicans have said that's way too low. so they're thinking about potentially compromising on a rate that would be $400,000 or $500,000, but some republicans are saying they don't...
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Dec 23, 2012
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meanwhile, useful from my perspective to lock in some additional revenue to help on the medium term deficit. >> people on the left this whole idea of comprehensive tax reform unleashing economic growth is nonsense. is that -- >> most of the evidence suggests that there is some benefit from a more sensible tax code. i think in 2013 itself, we have larger problems in the sense of inadequate demand, but i think it's hard to argue that we wouldn't do somewhat better with a more sensible tax code. >> one piece that you've been pushing is a consumption tax as part of this comprehensive tax deal. you know that a lot of economists think it is a good idea. we should tax consumption and get the savings rate up. it seems politically dead on arrival. i think paul voker mentioned it and in response 96 senators passed a sense of the senate resolution that this was an evil idea. >> here's the way i look at it. we're not going to get a consumption tax in this discussion this year and not next spring either. the reason it's inevitable, on the republican side, it is the way to slowly do tax reform. peter's r
meanwhile, useful from my perspective to lock in some additional revenue to help on the medium term deficit. >> people on the left this whole idea of comprehensive tax reform unleashing economic growth is nonsense. is that -- >> most of the evidence suggests that there is some benefit from a more sensible tax code. i think in 2013 itself, we have larger problems in the sense of inadequate demand, but i think it's hard to argue that we wouldn't do somewhat better with a more sensible...
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Dec 28, 2012
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the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, it would let many things like the alternative minimum tax hit the middle class. it would have a big, broad-based sequester that goes into place, not gradually, like we would want, to help not derail an economic recovery, but abruptly, and it deals with the wrong parts of the budget. so what you want to do is replace this big amount deficit reduction, all hitting just at the time when the economic recovery is starting to take hold, with a more thoughtful plan that's phased in gradually. so it doesn't do too much deficit reduction up-front, but it puts in the necessary changes to health care cost, retirement, tax reform, all over time and puts us on a sustainable path to a better place. >> let me ask you a central question. is america different from europe? can america continue to run huge budget deficits, because the feds can buy treasuries and prop up the market, and be
the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, it would let many things like the alternative minimum tax hit the middle class. it would have a big, broad-based sequester that goes into place, not gradually, like we would want, to help not derail an economic recovery, but abruptly, and it deals with the wrong parts of the...
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Dec 27, 2012
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so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is still time to tweet your guesses about what it is. the answer to what christmas gift or gifts am i wearing is coming up
so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and...
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Dec 27, 2012
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medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again? >> i think it is a serious possibilities out like to make that they don't mix the debt ceiling in with the fiscal cliff. we have to get to next without a self-inflicted recession and take on the debt ceiling which a symptom of the national debt. if we can deal with the national debt, we can get a deal on the debt ceiling. but that is a lot of work. gerri: the war of words going on is not helping. harry reid saying it is republicans fault and somebody from boehner's office said harry reid has to talk less and legislate more. it is c
medicaid deficit finance right now. those are key parts of a safe bet that we'll b will be fallinr their own financial weight unless they are fixed. what we really have to do on behalf of the next generation. gerri: they want to raise the debt ceiling again, as a matter of fact by monday we will be out of dough. it is unconscionable to me we are in this position again. let's remember what happened last time. the market sold off, the economy went into the tank. will that happen all over again?...
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Dec 28, 2012
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what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what they do best. mike, before we let you go, ed mackey malden running for the united states senate in massachusetts. >> he's never run statewide. do you agree with this? i think scott brown is smiling this morning? i think a race against ed markey well-known in washington, respected here and has taken strong positions on climate change and other issues. he's not a household name in massachusetts. scott brown is. there's a totally different electorate in this special election. scott brown likes this match upup. mike, would you call hi
what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what...
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we are in the doldrums now because of the debt and the deficits that are dragging down our economy, as well as the over-regulation of small business. i think we've got to do something to do a patch now, which, clearly, on december 27, when mark warner and i go back, it is going to be a patch because in four days, we can't solve everything. >> schieffer: let me ask-- >> but i think we need to stop this fiscal cliff at a reasonable if salary level and then start working on the spending cuts. >> schieffer: about 30 seconds, senator. will there be a small deal? >> i think there's going to, unfortunately, be only a small deal. unless we get to dpowrl trillion, we're just kick the hand. we took $4.5 trillion out of the revenue stream. with the bush tax cuts we're only talking about putting a third of that back in. at the same time we doubled defense spend, created homeland security, and created a new drug benefit and we're all getting a lot older. we have to realize it takes revenue, spending cut and entitlement reform. >> schieffer: you think they'll get past it? >> i think they will get pa
we are in the doldrums now because of the debt and the deficits that are dragging down our economy, as well as the over-regulation of small business. i think we've got to do something to do a patch now, which, clearly, on december 27, when mark warner and i go back, it is going to be a patch because in four days, we can't solve everything. >> schieffer: let me ask-- >> but i think we need to stop this fiscal cliff at a reasonable if salary level and then start working on the...
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, it is 6 or 7% and i don't believe all of it will go on the deficit. when we raised the debt ceiling in august of 2011, we borrowed $2.1 billion. we spent that much money, in 17 months. why would i raise the debt ceiling again, unless we address what put us in debt to begin with? i'm not going to raise the debt ceiling unless we get serious about keeping the country from becoming greece, and social security and medicare, here's what i would like, meaningful entitlement reform, not to turn social security into private accounts, not to take a voucher approach to medicare. but, adjust the age for social security, cpi changes and means testing and look beyond the ten-year window. i cannot in good conscience raise the debt ceiling without addressing the long term debt problems of this country and i will not. >> chris: and, senator feinstein, you heard president obama say we have to get out of the habit and will not start trading debt ceiling increases for spending cuts. >> i think the key to what he is saying is that you don't affect people at this time. wh
, it is 6 or 7% and i don't believe all of it will go on the deficit. when we raised the debt ceiling in august of 2011, we borrowed $2.1 billion. we spent that much money, in 17 months. why would i raise the debt ceiling again, unless we address what put us in debt to begin with? i'm not going to raise the debt ceiling unless we get serious about keeping the country from becoming greece, and social security and medicare, here's what i would like, meaningful entitlement reform, not to turn...
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because more people would be paying more taxes or breaking up the big banks to prevent more costly deficit expanding bailouts in the future or how about creating a single payer health care system would cut into half our deficit it do see in health care costs if all of these things were on the table this would be a robust debate that reflects the political leanings of a center left nation but they are not on the table which shows not just the weakness of president obama but also the weakness of the progressive movement when compared with the hard right movement which is funded by cranky billionaires like the koch brothers karl rove and sheldon adelson labor unions which have historically been the vanguard of the progressive movement have been crippled and independent media including print radio and t.v. which used to carry the voices of average working people across the nation through locally owned radio and t.v. stations have been bankrupted and sold off to large corporate media outlets that spew lies and misinformation to promote the billionaires agenda. essentially the progressive counte
because more people would be paying more taxes or breaking up the big banks to prevent more costly deficit expanding bailouts in the future or how about creating a single payer health care system would cut into half our deficit it do see in health care costs if all of these things were on the table this would be a robust debate that reflects the political leanings of a center left nation but they are not on the table which shows not just the weakness of president obama but also the weakness of...
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Dec 28, 2012
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i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things that i would have your viewers take a look at. the first is the reason why gold has kind of flattened out at about 1650 or so is because a huge amount of supply has come on the market. there's a lot of profit-takers who are worried about increased taxes next year. as you said, they have made a lot of money on gold, so they are selling it right now and locking in those profits. the other thing to look at that very few investors have caught on to but when i was at the mint we studied this, gold demand and gold prices correlate very well with the national debt cei
i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things...
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Dec 27, 2012
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none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye can see, that's a tax on our kids, our grandchildren, on people who have saved their whole lives and done the responsible things. trillion dollars deficits are a tax, too, and that's what we have to understand. >> it's not good leadership to pass the buck, especially on future generations. they don't deserve to pay for our problems ander responsibility. what do you think is the biggest problem with raising taxes on the wealthy? it's so easy for them to say raise the taxes on the rich, punish them? >> well, the president likes to say the rich needs to pay their fair share for the tax burden of the united states. the funny thing is, actually 23 you look at all the developed countries in the world, the u.s. tax code is the most progressive in the entire world. the wealthiest americans pay the largest share of the tax burden in the u.s., much more so than in european countries. >> the boehner plan b and the some of the things the pres
none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye can see, that's a tax on our kids, our grandchildren, on people who have saved their whole lives and done the responsible things. trillion dollars deficits are a tax, too, and that's what we have to understand. >> it's not good leadership to pass the buck, especially on future generations. they don't deserve to pay for our problems ander...
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explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not. >> yes, it will. why don't we go over the cliff and get it over with. that makes sense to me, sean. >> sean: i say from the beginning he wanted to go over the cliff. he gets to blame republicans, tax everybody and gets defense cuts he never dreamed of through se see questions traition. we still have trillion dollars deficits. >> we got to be honest here. >> let's be honest both parties have been lying to the american people about that for years for decades sean. it is not a dam problem. >> sean: and no president has spent like this reckless spender. billy cunni
explodes the deficit. hurts middle class employment. none has anything to do with the problem that we have which is number one in revenue we are spending too much and number two job creation. none of this helps either one of those things joe trippi and you know that is true. >> i don't know that is true and we won't agree about that. we will agree about one thing. going over the cliff will be far worse than what the president has put forward as a solution. >> sean: no, it is not....